2004, English, Article, Working paper edition: Credit rationing and crowding out during the industrial revolution evidence from Hoare's Bank, 1702-1862 [by] Peter Temin [and] Hans-Joachim Voth [electronic resource] Peter Temin

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Bookmark: http://trove.nla.gov.au/version/165656078
Physical Description
  • 30, [1] p. :
Published
  • Cambridge, MA Massachusetts Institute of Technology, Dept. of Economics 2004
Language
  • English

Edition details

Title
  • Credit rationing and crowding out during the industrial revolution evidence from Hoare's Bank, 1702-1862 [by] Peter Temin [and] Hans-Joachim Voth
Author
  • Peter Temin
Other Authors
  • Voth, Hans-Joachim
  • Massachusetts Institute of Technology. Dept. of Economics
Published
  • Cambridge, MA Massachusetts Institute of Technology, Dept. of Economics 2004
Medium
  • [electronic resource]
Physical Description
  • 30, [1] p. :
Series
Summary
  • Crowding-out during the British Industrial Revolution has long been one of the leading explanations for slow growth during the Industrial Revolution, but little empirical evidence exists to support it. We argue that examinations of interest rates are fundamentally misguided, and that the eighteenth- and early nineteenth-century private loan market balanced through quantity rationing. Using a unique set of observations on lending volume at a London goldsmith bank, Hoare's, we document the impact of wartime financing on private credit markets. We conclude that there is considerable evidence that government borrowing, especially during wartime, crowded out private credit. Keywords: credit rationing, Napoleonic wars, Industrial Revolution, technological change, crowding out. JEL Classifications: E22, E43, E51, E65, N23, N13.
Notes
  • "February 1, 2004." Includes bibliographical references (p. 22-23). Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Language
  • English
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